- Green Member
- Posts: 24
- Joined: Wed Dec 04, 2013 10:15 am
- Location: Iowa
Hello everyone. I have a couple of questions, but first I'll break down my cards.
1. Discover More (just called and changed to It) -- $500 limit
2. AmEx True Earnings (with Costco) -- $5000 limit
3. Best Buy retail card -- $3000 limit
I got the BB card for a large purchase, but now I've read several reviews on how bad it can be. I'll easily be able to pay off the purchase though, so I'm not as worried about it.
Now, I'm starting to think getting the BB card was a mistake. Ideally, I'd like to stick with only the Discover and AmEx cards. I'd only have two cards that would "age" and hopefully improve my score.
That said, my goal is to increase the credit line of the Discover. When I applied, I only had a part time job during school. I now work full time, so I'm sure I could get an increased line. I know an increased line is beneficial in the long run, but asking for one can be hurtful.
This year, I had some fraud scares that resulted in alerts and credit checks by me. Additionally, I've now just applied for the BB store card, so I believe my credit reports have been checked a couple times this year. I'm considering paying off the BB card now and canceling it, but I'm not sure if that would hurt me since I've only just applied for it and received it in the mail. Then, when my balances are all zero, I hope to get the increased line on the Discover and never get another card again.
Any advice for how to approach this? Can I pay off the BB card now, cancel it, and then get an increased line on the Discover? Will that hurt me too much?
Thanks, and I do realize I should have considered this more before acting. Lesson learned.
Sallie Mae: $5k
Best Buy: $8k
Discover TU FICO: 754 (6/2015)
Building credit while completeing grad school. Three long years to go...